Your Compensation
Base Salary
$
Annual Bonus
$
Filing Status
State of Residence
⚠️ Tax estimates are for planning only — not advice. 2026 federal brackets. Consult your tax advisor.
Fund Portfolio 1 Fund

Add all funds you hold carry in. Most PE professionals hold 2–4 simultaneously.

Portfolio Summary All Funds · Base Case
Total Carry (gross)
—
across all funds
After All Tax
—
federal + state + NIIT
Clawback Exposure
—
worst-case obligation
Accessible Carry
—
net of escrow
By Fund
Bear · Base · Bull
Bear Case
—
portfolio weighted
Base Case
—
after tax
Bull Case
—
after tax
Waterfall Settings
Select Fund
Waterfall Structure ?Deal-by-deal: carry paid on each realized deal. Whole-fund: no carry until full LP capital returned across all investments. Note: deal-by-deal in this tool uses a first-order approximation (effective hurdle halved as proxy). True deal-by-deal modeling requires per-deal cash flows.
MOIC to Model
1.0×2.5×5.0×
Distribution Waterfall

Step-by-step allocation of fund proceeds under the selected structure.

Carry vs MOIC Chart
Carry Table
Clawback Settings

Model clawback exposure across your fund portfolio. Most US buyout funds have deal-by-deal structures with clawback provisions.

Escrow Holdback % ?Portion of carry distributions held in escrow by the fund to cover potential clawback. Typically 20–30%.
%
Distribution Timing
Tax-Affected Clawback Cost

If you received carry and paid tax on it, a clawback gives you a deduction — but the timing mismatch creates real cash cost.

Clawback Exposure by Fund
Accessible vs Escrowed Carry
Distribution Model

Models carry cash flows year by year across your portfolio, accounting for recycling, waterfall structure, and capital call timing.

Timing Preset
Cash Flow Pattern ?Controls how carry distributions are spread across years relative to each fund's hold period. Custom lets you set exact year-by-year weights per fund.
20% at hp−1 · 60% at hp · 20% at hp+1. Typical whole-fund J-curve.
Parameters
Discount Rate (PV)
%
Capital Call Period ?Years over which LP capital is called. Hurdle compounds from each call date.
yrs
Recycling Rate ?% of early exit proceeds re-invested rather than distributed. Recycling delays your carry — it shifts distributions to later years but doesn't reduce total gross carry. Note: recycled capital also resets the holding period clock, which may affect LTCG eligibility under Section 1061 — not modeled here.
%
Present Value of Carry
Cash Flow Timeline — All Funds
Year-by-Year Distribution Table
Scenario Settings
Select Fund
Break-Even & Materiality
Carry Scenarios by MOIC
MOIC Sensitivity Chart
Vesting Settings
Select Fund
Departure Cost Analysis

How much carry you forfeit if you leave at each year — across all vested positions.

Vesting Schedule
Carry Value by Vesting Year
Co-Investment Parameters
Investment Amount
$
Expected MOIC
×
Hold Period
yrs
Structure
Bear MOIC
×
Bull MOIC
×
Co-Invest Returns
Bear / Base / Bull Scenarios
Fund A Settings

Pulled from your Portfolio tab — edit funds there.

Fund B Settings Hypothetical
Fund Size
$ M
My Carry (bps)
bps
GP Carry %
%
Hurdle Rate
%
Base MOIC
×
Hold Period
yrs
Catch-up
Side-by-Side Comparison
Tax Settings

Federal, state, NIIT, and Section 1061 short-hold recharacterization modeled per fund.

ℹ️ Tax is calculated per-fund based on realization year. Carry from different funds stacks on your salary differently depending on when each fund exits.
Tax Breakdown by Fund
Year-by-Year Tax Stacking

When multiple funds exit in the same year, their carry stacks onto your ordinary income — potentially pushing you into higher LTCG brackets.

Portfolio (gross)
—
After Tax
—
Clawback
—